Triggering Event of Default definition

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as to which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (i)(b) of the definition of Specially Serviced Mortgage Loan)). A Triggering Event of Default shall not exist to the extent a Note B Holder is exercising its cure rights in accordance with Section 11(b) or prior to the expiration of any cure period granted pursuant to Section 11(b).

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) so long as any Note A is included in a Securitization (and only on and after the Note A Securitization Date) any non-monetary Event of Default (other than any imminent Event of Default) resulting in the Mortgage Loan becoming a Specially Serviced Mortgage Loan. A Triggering Event of Default shall not exist if the Note B-1 Holder is exercising its cure rights in accordance with Section 10 of this Agreement and the applicable cure period has not expired.

Examples of Triggering Event of Default in a sentence

• The right of a Note B Holder to exercise its purchase option hereunder shall automatically terminate upon the Purchase Right Cut-Off Date, subject to the possibility that such right will be reinstated if a Triggering Event of Default subsequently occurs.

• The right of the Note B Holder to exercise its purchase option hereunder shall automatically terminate upon the Purchase Right Cut-Off Date, subject to the possibility that such right will be reinstated if a Triggering Event of Default subsequently occurs.

• Agent shall have the right to apply the funds on account in any Prepayment Account if such application shall not result in any breakage costs or upon the occurrence of an Event of Default or Triggering Event of Default.

• Upon the occurrence and during the continuation of a Triggering Event of Default, all unpaid Obligations shall bear interest on the Daily Balance thereof at a per annum rate equal to 3 percentage points above the per annum, rate otherwise applicable hereunder.

• Mackie further acknowledges and agrees that Mackie shall pay the reasonable charges for any such appraisals and collateral examinations (which payment shall be due within 30 days of Mackie’s receipt of a xxxx for such appraisal or examination, provided that Mackie shall not make any such payment at any time that a Blockage Period or Triggering Event of Default exists).

More Definitions of Triggering Event of Default

Triggering Event of Default means an Event of Default of the type described in Section 8.1(a), 8.1(b), 8.1(g), or 8.1(h).

Triggering Event of Default means the occurrence of any Event of Default described in (i) Article VIII(a), (ii) Article VIII(b), (iii) Article VIII(c) (only with respect to any failure to timely perform, observe or comply with Sections 2.13, 6.1, 6.2, 6.4, 6.5 or 6.7 or Article VII), (iv) Article VIII(e), (v) Article VIII(h), (vi) Article VIII(i), (vii) Article VIII(j) or (viii) Article VIII(p).

Triggering Event of Default means any Event of Default under Article VII(a), Article VII(h), Article VII(i), Article VII(j) or Article VII(p).

Triggering Event of Default means either of the following: (a) any default in the payment of any Senior Debt when due (whether upon maturity, mandatory prepayment, acceleration or otherwise) beyond any applicable grace period with respect thereto; or (b) Excess Availability of Borrower shall be less than $1,500,000.

Triggering Event of Default means an Event of Default under Sections 8.1(a), 8.1(b) (solely with respect to Section 6.10), 8.1(h), or 8.1(i).

Triggering Event of Default means an Event of Default of the type described in S ection 8.1(a), 8 .1(b), 8 .1(g), or 8 .1(h).

Triggering Event of Default means an Event of Default of the type described in Section 8.1(a), 8.1(b), 8.1(g), or 8.1(h) of this Agreement.